Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., has announced the closing of a $28,905,000 loan deal for the construction of Legacy Riverside Senior Living Community located at 8050 N. Riverside Drive in Fort Worth, Texas.
Phil Melton, executive vice president and national director of affordable and FHA production, and Jeff Bradley, senior vice president, both in Bellwether Enterprise’s Dallas, TX office, originated the loan with Cindy Hannon, senior vice president in Bellwether’s Atlanta, GA office, on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction (RISE Residential). This is the sixth loan deal in which Bellwether Enterprise has partnered with RISE Residential since 2017.
Legacy Riverside will provide 264 affordable units in north-central Fort Worth, using 4% tax-exempt bonds. Units include studio, one- and two-bedroom options in elevator-served buildings for residents with special needs. Property amenities include a 6,400 square-foot clubhouse, pool with barbeque grills, ample outdoor recreation options, walking path and regularly-scheduled van transportation service.
The property has a bond regulatory agreement and Low-Income Housing Tax Credit Regulatory Agreement requiring all units to be at or below 60% of area median income. Freddie Mac is providing a 40-year amortization structure and competitive pricing. RISE Residential and Legacy Multifamily Development will co-develop the property with Garland Housing Finance Corporation, a non-profit owner. Through a close relationship with the construction lender Bellwether Enterprise was able to streamline the execution of the loan deal.
Bellwether Enterprise today also announced its year-end financials. In 2020, the total servicing portfolio included 3,960 loans and $32.6 billion. Total production volume was $7.41 billion, including $1.1 billion in affordable multifamily housing, $3.75 billion in agency and $4.5 billion in multifamily.